New Delhi, Feb 1
Home Minister Amit Shah on Sunday hailed the Union Budget 2026-27 as an embodiment of India forging its new identity as an "emerging economic power centre" and said that it furthers the momentum to bolster the country's global standing.
He also praised Prime Minister Narendra Modi's economic policies and said that they have fuelled India's economy.
Under the leadership of Prime Minister Narendra Modi, Finance Minister Nirmala Sitharaman presented her ninth consecutive Union Budget on Sunday.
In a post on X, HM Shah said, "Viksit Bharat Budget embodies Bharat as a nation forging its new identity as an emerging economic power centre with resolute trust in its own strengths. Post covid, PM Narendra Modi Ji's visionary economic policies have fuelled the Indian economy."
"Viksit Bharat Budget turbocharges the momentum to bolster India's position on the global stage as the most attractive investment destination for a wide range of sectors, from traditional to the new-age ones," he added.
Sitharaman's ninth budget was motivated by three 'kartavyas' or duties aimed at boosting and maintaining economic growth by improving competitiveness, meeting aspirations, and ensuring that every family, community, and region has access to resources and opportunities for engagement.
She announced a powerful thrust on infrastructure development in her Union Budget speech for 2026-27, emphasising sustained public investment to drive economic growth and balanced regional progress.
The government will maintain its strong focus on enhancing infrastructure in cities with populations exceeding five lakh, particularly Tier-2 and Tier-3 urban centres that have emerged as vital growth hubs.
Sitharaman outlined several forward-looking proposals in the financial sector, aimed at strengthening India's banking system and enhancing ease of doing business as the country progresses towards the goal of Viksit Bharat.
Additionally, the Finance Minister announced a sharp hike in the Securities Transaction Tax (STT) on futures and options. The move marks a significant increase in transaction costs for traders in the derivatives segment. Experts attributed intra-day's stock market crash to a hike in the charges.
The STT on futures has been raised to 0.05 per cent from the earlier 0.02 per cent, amounting to a 150 per cent hike.
In the case of options, the tax has been increased to 0.15 per cent from 0.10 per cent, a rise of 50 per cent.
Meanwhile, there will be no change in income tax slabs.
- IANS
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